(fxcue news) - European stocks may open slightly lower on Thursday amid elevated U.S.-China trade tensions and ahead of the European Central Bank's monetary policy announcement later in the day, with the central bank widely expected to lower interest rate by 25 basis points - marking the sixth straight reduction amid signs of falling inflation and rising risks to growth. The focus will be on the ECB's updated economic projections and President Christine Lagarde's press conference. Trading later in the day may also be impacted by reaction to any new developments on the tariff front as well as U.S. reports on weekly jobless claims, housing starts and Philadelphia-area manufacturing activity. In earnings news, American Express, Charles Schwab and UnitedHealth are among the prominent companies due to report their quarterly results before the U.S. opening bell. Meanwhile, the World Trade Organization has sharply cut its forecast for global merchandise trade from solid growth to a decline as a result of the tariff war launched by U.S. President Donald Trump. Asian markets were broadly higher, with Japan's Nikkei rising nearly 1 percent as U.S.-Japan trade negotiations showed promise and a weaker yen boosted export-related stocks. Hong Kong's Hang Seng surged 1.2 percent, with property and technology stocks pacing the gainers. The U.S. dollar looked set to notch a fourth straight weekly loss as recession fears mount. Gold was marginally lower after surging to a record high of $3,357.40 per ounce on safe-haven demand. WTI crude futures extended gains after rising nearly 2 percent on Wednesday as the U.S. imposed new sanctions on a Chinese "teapot" refinery and other entities for importing Iranian oil. U.S. stocks posted steep losses overnight as Nvidia and ASML warned about the costly impact of tariffs on the semiconductor chip industry and Fed Chair Jerome Powell cautioned that trade tensions may undermine employment and price stability. Powell noted the U.S. economy is still in a solid position despite heightened uncertainty and downside risks, adding the U.S. central bank would wait for more economic data before considering any adjustments to the current policy stance. In economic releases, U.S. retail sales grew by more than anticipated in March, while industrial output declined from a month earlier, separate reports revealed. The tech-heavy Nasdaq Composite plummeted 3.1 percent, the S&P 500 plunged 2.2 percent and the Dow tumbled 1.7 percent. European stocks recovered from early weakness to end mixed on Wednesday. The pan European STOXX 600 slid 0.2 percent amid rising U.S.-China trade tensions and fresh export restrictions on Nvidia chips. The German DAX and the U.K.'s FTSE 100 both rose by 0.3 percent while France's CAC 40 finished marginally lower.